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App Spree Need Advice

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kwazziee
Regular Contributor

App Spree Need Advice

I am planning to go on an app spree and have a few question you pros here.

 

I am planning to buy a home around Jan-Feb 2013. I have been receiving  pre-approval from Chase, Discover and Amex. As of right now I currently hold 2 CapOne, Chase Ink and Amex Green and a Chase Freedom(i am an AU with wife). Total CL is 17K and Ult. is around 60%.

 

I have a clean CR except for a collection that is going to drop off this December. If I do go on an app spree now will it effect my chance of getting a mortgage when the time comes? How much will this effect me credit score?

 

My last EQ FICO score was 680 back on 11/2011. I am thinking since I have not app for anything since my score now would be in the 700's. Might be a little lower since my ult. was 15% back in 11/2011.

 

All comments, suggestions and advice welcome. Thank you.

Message 1 of 5
4 REPLIES 4
Razeus
Frequent Contributor

Re: App Spree Need Advice

Don't do it until after a mortgage.  

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 2 of 5
Revelate
Moderator Emeritus

Re: App Spree Need Advice


@Razeus wrote:

Don't do it until after a mortgage.  


Quoted for truth Smiley Happy.

 

Assuming you can manage your utilization pre-mortgage additional cards do absolutely nothing good for you FICO wise right now, and may wind up costing you points on the mortgage.  Not where you want to be, at all.  If you were six months out pre-mortgage app the story would be a little different, but the time window is just too short in this case, and you'll be able to get approvals next year just fine post-mortgage as well short of an implosion in our economy which doesn't seem likely in the near term.

 

 




        
Message 3 of 5
jamesdwi
Valued Contributor

Re: App Spree Need Advice

Get yoiur UTL down to sub 10% and you will get a much better APR and a much easier process during underwriting. A new card may make you feel good now, but it could cost you 1000's in interest over the next 30 years. 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 4 of 5
webhopper
Moderator Emeritus

Re: App Spree Need Advice


@kwazziee wrote:

I am planning to go on an app spree and have a few question you pros here.

 

I am planning to buy a home around Jan-Feb 2013. I have been receiving  pre-approval from Chase, Discover and Amex. As of right now I currently hold 2 CapOne, Chase Ink and Amex Green and a Chase Freedom(i am an AU with wife). Total CL is 17K and Ult. is around 60%.

 

I have a clean CR except for a collection that is going to drop off this December. If I do go on an app spree now will it effect my chance of getting a mortgage when the time comes? How much will this effect me credit score?

 

My last EQ FICO score was 680 back on 11/2011. I am thinking since I have not app for anything since my score now would be in the 700's. Might be a little lower since my ult. was 15% back in 11/2011.

 

All comments, suggestions and advice welcome. Thank you.


Yes, it will affect your mortgage changes. You need to pay down your utilization before applying. You should see a nice score bump from that.  Best advice... Apply for the cards AFTER you close on the house.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 5 of 5
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